Specialist, Finance Operations (Account Payable)The Finance Operations Specialist is responsible for managing financial transactions and ensuring accurate payment processing while maintaining reconciliation and reporting activities.
This role requires proficiency in financial systems such as Oracle, Procurehere, and InsureMO.
The Specialist will handle various payment types and system interactions, along with associated administrative tasks.
Working closely with both internal and external stakeholders, this position supports financial operations, adheres to compliance requirements, and drives continuous process improvements.
Responsibilities:
Payment Processing and Management:Daily Cash Flow Forecasting : Prepare and manage daily cash flow forecasts for payable activities.
Payment Processing : Handle payments for policies claims, benefits payouts, refunds, reinsurance, and other vendor, staff, and agent payments within agreed turnaround times.
Cheque Requisition and Invoices : Process cheque requisitions, create invoices in Oracle for FPX payments (Instalment Tax, Stamp Duty, Statutory HRDF, SST Payment), and manage manual payments (domestic, cross-border, and one-time).
FPX and Manual Payments : Process FPX payments for Instalment Tax and Stamp Duty, and execute manual payments through ROBOTIC and outside Oracle.
Agent and Banca Commission:Process and manage commission payments for agents and banca.
Payment Verification:Validate payment requisition in accordance with mandate compliance and Delegated Authority (DA).
Obtain necessary approvals for ad hoc payments, cash advances, and non-GIRO/TT payments.
Withholding Tax Processing:Manage withholding tax processing and related documentation.Reconciliation and Reporting:Monthly Reconciliation : Perform monthly reconciliation and clearance of pending transactions for Payable Accounts.
Prepare journals and support month-end closing activities.
Reporting:Download and analyze payment reject/return reports and status reports from CitiDirect.
RDB/AP Payable Reconciliation : Conduct all payable reconciliation and ensure accurate matching of activities.System and Process Management:System Maintenance : Maintain payment details and interfaces in Oracle, altHR and Procurehere.
Support system enhancements and testing activities, including User Acceptance Testing (UAT).
Process Improvement:Promote e-payment modes, implement process improvements, and update working manuals and SOPs to enhance efficiency and transparency.Stakeholder Interaction:Internal and External Liaison:Provide support to internal customers and collaborate with internal and external auditors.
Follow up with bankers on daily reports and manage payment-related inquiries.Ad-hoc Assignments:Perform other duties as required, including stop payment requests, agent commission processing, and assisting in finance system implementation and upgrades.Requirements:
Preferably has a degree in Accounting/Finance/Banking, while a professional certification (e.g., ACCA, MIA) or relevant technical qualifications are desirable.
Prefer candidate with 5-8 years experience in the Insurance Industry, particularly in Finance Function.
Strong understanding of payment processing, reconciliation, and financial reporting.
Familiar with Oracle Cloud Application; Citidirect & AFFINMax application.
Analytical and numerical skills.
Business acumen with problem-solving skills.
Good understanding of insurance products and Malaysia marketplace conditions.
Excellent organizational, communication, and analytical skills.
Ability to manage multiple tasks and meet deadlines.
Attention to Detail: High level of accuracy in handling financial transactions and documentation.#J-18808-Ljbffr